Question

In: Accounting

Using any business consilidated financial statement determine the following : 1-identify the items that may result...

Using any business consilidated financial statement determine the following :

1-identify the items that may result in adjusting entries for prepayments.

2-identify the items that may result in adjusting entries for accruals.

Solutions

Expert Solution

these expenses and incomes may be Rent Received and paid ,Salaries and commission received and paid etc.


Related Solutions

Financial Statement Items Identify the financial statement (or statements) in which each of the following items...
Financial Statement Items Identify the financial statement (or statements) in which each of the following items would appear: income statement (IS), statement of stockholders’ equity (SSC), balance sheet (BS), or statement of cash flow (SCF). Assets Revenue Cashflow from investing activities Stockholders’ equity Expenses Net change in cash Net Income Liabilities
1. Items on Company's Bank Statement The following items may appear on a bank statement: 1....
1. Items on Company's Bank Statement The following items may appear on a bank statement: 1. Bank correction of an error from posting another customer's check (disbursement) to the company's account 2. EFT deposit 3. Loan proceeds 4. NSF check Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account: Item Appears on the Bank Statement as a Debit or...
Items on Company's Bank Statement The following items may appear on a bank statement: 1. Bank...
Items on Company's Bank Statement The following items may appear on a bank statement: 1. Bank correction of an error from posting another customer's check (disbursement) to the company's account 2. EFT deposit 3. Loan proceeds 4. NSF check Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account: Item Appears on the Bank Statement as a Debit or Credit...
Determine the financial statement effects of Accounts Payable Transactions, when Hobson Company has the following items:...
Determine the financial statement effects of Accounts Payable Transactions, when Hobson Company has the following items: a. Purchases $1,250 of inventory on credit. b. Sells inventory for $1,650 on credit. c. Records $1,260 cost of sales for transaction b. d. Receives $1,650 cash towards accounts receivable. e. Pays $1,260 cash to settle accounts payable. What is the ending balance of Accounts Payable after the above transactions?
Determine the financial statement effects of Accounts Payable Transactions, when ABC Company has the following items:...
Determine the financial statement effects of Accounts Payable Transactions, when ABC Company has the following items: a. Purchases $2,500 of inventory on credit. b. Sells inventory for $3,300 on credit. c. Records $2,520 cost of sales for transaction b. d. Receives $3,300 cash towards accounts receivable. e. Pays $2,520 cash to settle accounts payable. What is the ending balance of Accounts Payable after the above transactions?
The following items should be considered in adjusting the accounts for financial statement preparation: 1. Franklin...
The following items should be considered in adjusting the accounts for financial statement preparation: 1. Franklin Products acquired a 8.4% bank loan for $65,550 on August 1, 2017, due in 1 year. 2. Prepaid insurance is the cost of a 18-month insurance policy, effective February 1. 3. Franklin Products rents warehouse storage for its seasonal heavy equipment. On November 1, 2017, Franklin Products paid $4,140 for a 6-month lease. 4. The physical inventory count of Merchandise Inventory indicated an amount...
The following items should be considered in adjusting the accounts for financial statement preparation: 1. Franklin...
The following items should be considered in adjusting the accounts for financial statement preparation: 1. Franklin Products acquired a 8.4% bank loan for $65,550 on August 1, 2017, due in 1 year. 2. Prepaid insurance is the cost of a 18-month insurance policy, effective February 1. 3. Franklin Products rents warehouse storage for its seasonal heavy equipment. On November 1, 2017, Franklin Products paid $4,140 for a 6-month lease. 4. The physical inventory count of Merchandise Inventory indicated an amount...
Consider the data shown in the following table. Identify any modifications that would result in a...
Consider the data shown in the following table. Identify any modifications that would result in a more effective table. Comment the characteristics of participants. Baseline Characteristics of Participants in Randomized Trial Characteristic Treatment Group (n = 361) Placebo Group (n = 344) Age, years 45.8 47.6 Male sex 201 198 Systolic blood pressure 128.25 ± 14.2 121.7 ± 13.91 Race/ethnicity Asian 184 180 White 107 100 Hispanic 70 64
Briefly identify and explain the significance of any 5 of the following items. A short paragraph...
Briefly identify and explain the significance of any 5 of the following items. A short paragraph (2-4 sentences) should be sufficient in nearly all cases. In the case of a quotation, please identify the author and explain what theory or principle it illustrates or exemplifies. 1. GE Moore. 2. The Prisoner’s Dilemma. 3. “Then it must follow that no one willingly chooses to do evil or what he thinks to be evil.” 4. Ruth Benedict. 5. “Over himself, over his...
Briefly identify and explain the significance of any 5 of the following items. A short paragraph...
Briefly identify and explain the significance of any 5 of the following items. A short paragraph (2-4 sentences) should be sufficient in nearly all cases. In the case of a quotation, please identify the author and explain what theory or principle it illustrates or exemplifies. 10. Apatheia. 11. Emotivism. 12. Alison Jaggar. 13. “To be truthful and honest in all declarations is a sacred and unconditionally commanding law of reason that admits of no expediency whatsoever.” 14. “A man should...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT